EPFO 3.0 launching soon—to introduce ATM withdrawals, faster claim settlements
What's the story
Employees' Provident Fund Organisation (EPFO) is all set to undergo a major digital transformation with the launch of version 3.0 in May or June. Union Labour and Employment Minister Mansukh Mandaviya, said this upgrade will simplify services for over nine crore beneficiaries by allowing ATM withdrawals and speeding up claim processing. "EPFO will soon implement Version 3.0 with the help of a robust IT platform to provide seamless and simplified services, including auto-claim settlements, digital corrections," Mandaviya told PTI.
Streamlined services
New version to simplify claim process
Mandaviya highlighted that the new EPFO version will do away with complex form-filling processes and physical visits for claims and corrections. Beneficiaries will be able to update their EPFO accounts using OTP verification. They can also conveniently monitor their pension entitlements or withdraw funds, thanks to the fast settlement of claims, which ensures quick availability of funds in subscribers' bank accounts.
Financial standing
EPFO's current corpus and interest rate
Mandaviya also revealed that the EPFO currently has a corpus of ₹27 lakh crore with a sovereign guarantee, providing an interest rate of 8.25%. The Centralized Pension Payment System benefits over 78 lakh pensioners by enabling them to receive pensions in any bank account across India, doing away with the hassle of maintaining accounts in particular zonal banks.
Integration plans
Government's plan to integrate social security schemes
The government is also mulling to integrate different social security schemes such as the Atal Pension Yojana, Pradhan Mantri Jeevan Bima Yojana, and Shramik Jan Dhan Yojana. The move is aimed at streamlining and strengthening pension coverage. To improve healthcare access for workers under the Employees' State Insurance Corporation (ESIC), Mandaviya said beneficiaries will soon be able to avail free medical treatment at Ayushman Bharat empaneled hospitals.
Grievance redressal
EPFO's improved grievance redressal mechanism
The minister said that the EPFO has greatly enhanced its grievance redressal mechanism after the rollout of version 2.01, with complaints being cut down to less than half. With EPFO 3.0, the organization hopes to further enhance accessibility and efficiency. In 2023-24, EPFO collected more than ₹3.41 lakh crore in contributions via electronic challan cum returns (ECRs) filed by employers, Mandaviya added.